Archive for: October 2006

Here is another one!   

A Charlotte mortgage broker has been sentenced to five years and five months in prison for taking part in mortgage fraud schemes in Cornelius, south Charlotte and other Mecklenburg County neighborhoods.

He recruited home buyers with promises of …

This is a must read -  

Mortgage fraud frenzy
The real estate market has never offered such opportunity for graft. Since the housing market started to soar in 2001, mortgage fraud has become the fastest-growing white-collar crime, …

Now go to a mortgage calculator online.  In the payment area put the figure you calculated.  Put in a current fixed interest rate.  If you are not putting 20 percent down add a 1/2 percent to the rate to calculate …

Now that you have your monthly income amount, work with 38.  Multiply your monthly income by .38 or 38%.  This will be the amount (maximum that a lender wants you to spend on housing costs and other debts. 

So total up …

When you want to figure out what you can afford.  The first step is to figure out what your monthly income.  Lenders only calculate the income that is documented with paperwork.

Generally if you are a salaried employee go ahead and …

Some people think that a mortgage company is the lender.  Not true. 

A mortgage banker lends you its own money. Then the mortgage bankers may sell the loan to the secondary market. 

A mortgage broker is a middleman, he does the loan shopping …

Press release from California:

Prospective home buyers beware that waiting for prices to drop may result in you never buying a home in California. The psychology of today’s buyer is that if they had a chance to buy when the market …

Last of the definitions for now - to dry a topic for me to last long.

Interest Only Loan - An interest-only loan is a loan in which for a set term the borrower pays only the interest on the capital; …

What makes an honest mortgage broker? 

First I would talk to others who have used the particular mortgage broker you are thinking of using. Asking them what their experience was like and if they got the best deal.

Is the mortgage broker …

FHA and FHA Mortgages - Federal Housing Administration - established in 1934 to improve housing standards and conditions to help provide an adequate home financing system through insurance of mortgages.

VA Mortgage - A mortgage that is guaranteed by the Department …